On Sunday Mitt Romney told an Ohio crowd that he couldn’t understand why a “college kid” would vote for Obama. He said Obama was spending all their money and that the only thing they would get from it was a bill with interest. Instead Romney promises to cut the deficit and simultaneously create an astounding 12 million jobs in his first term.
Despite his promises, young people overwhelmingly support Obama. President Obama enjoys a 19-point lead over Romney among likely young voters according to the latest polls.
Why? It’s all in the jobs. The number one concern of young voters is jobs and the economy. They need more jobs and more money. And while Romney talks a big game, his lack of details leave young people uninspired.
Meanwhile, Obama’s plan offers concrete ideas to address the economic struggles of young people, the 73 million people age 18-34. Since the recession they have lost over 3 million construction, production, and office jobs. Obama’s plan includes bringing back production jobs that may have been lost to unfair competition, while encouraging “innovation clusters” to form the next crop of high-skill, high-wage jobs. His plan increases public investment in infrastructure, boosting construction jobs in the short-term and providing a foundation for a strong economy in the long-term. His plan establishes more public-private partnerships to better match students with today’s business demands.
Obama’s plan also acknowledges the strain of rising college costs for young college graduates, who now owe over $1 trillion in student loan debt. He already put some relief valves in place like capping loan payments at 10 percent of income, and plans to work with colleges to contain soaring costs. He knows that young college grads feel deceived, like the promise of a good life for investing in a degree is broken. He has stated on numerous occasions that more must be done to better prepare young college grads for today’s global economy.
And Obama has a positive track record that young people can grab on to. Since President Obama took office young people have gained 1 million jobs. Some of the large losses in middle-tier jobs like production, sales, and transportation jobs have started to come back. Managerial jobs increased over 7 percent.
It isn’t clear that Romney’s plan helps young people. He talks of being the better choice because he wants to cut the deficit and eliminate regulations, suggesting President Obama is pro-deficit and likes excessive regulation. But young people see what’s happening in Europe and know that austerity measures don’t lead to the economic growth they need now. They know that they can’t pay off the deficit if they don’t have jobs or make enough money. They see President Obama has enacted policies that are pro-innovation and pro-growth. He created SelectUSA to increase private domestic investment. He signed an order for federal agencies to reduce unnecessary regulations. He introduced a national broadband plan to get more spectrum to the private sector as exploding demand for mobile data translates to growth and jobs.
Romney’s lack of details on how he will create 12 million new jobs in four years isn’t the only thing holding back young people. His policies come off as completely ignoring young people. He seems more concerned about maintaining tax cuts for the wealthy than relieving the debt burden for young college grads. He talks more about what Obama did wrong than what he would do right.
The economic struggles of young people began as early as 2000 and were exacerbated by the recession. Since 2000 real wages have fallen by 5 percent for all young people working full-time, and by 15 percent for those with a college degree working full-time. The youngest of the young people are seemingly running away from the world of work altogether. And as bad as college grads have it, a 2012 survey by Rutgers University showed the average salary of young people with only a high school degree working full-time was just above the poverty line. For most young people this isn’t news; it’s reality. It’s why MTV is replacing “Jersey Shore” with shows like “Underemployed.”
The fact is young people are facing a structural problem that needs to be addressed head-on. They are facing what I call “The Great Squeeze” – middle-skill jobs are drying up faster than they are being replaced, forcing those with more skills and education to take lower skill jobs for less pay. This is displacing those with less experience and education – young people. That’s why some of the fastest growing jobs for young people include food preparation, personal care, and healthcare support, and why the number of young people not in school and not in the labor force is rising. Young people are being squeezed down and out of the labor force.
Young voters are 23 percent of the population, are struggling, and matter. They are going to vote for the candidate that has their best interests in mind and will get them more money and jobs now. That’s why they are voting for President Obama.
Photo Credit: Gerry Boughan / Shutterstock.com